David Bistricer’s Clipper Realty Debuts on NYSE

David Bistricer’s Clipper Realty debuted on the New York Stock Exchange on Friday, looking to raise $68.1 million through the sale of its common stock, The Real Deal reports.

The Brooklyn-based real estate investment trust — which controls more than 3,000 residential units in Manhattan and Brooklyn — priced its initial public offering at $13.50 a share. The company saw its stock price rise to $15 a share just after the market opened, before settling in around its target price.

Clipper — which trades under the ticker CLPR — offered 5.6 million shares of the company’s stock and said in a regulatory filing that net proceeds from the IPO could top $78.8 million if underwriters exercise their option to buy 855,000 additional shares of common stock.

David Bistricer, whose father Moric started Clipper Equity in the 1950s, laid the groundwork for the IPO in 2015, as The Real Deal first reported. Clipper Realty will focus on “strategic, value-add” investments, he said at the time. Clipper raised $130.2 million in a private offering that closed in August of that year, according to its prospectus.

According to its prospectus, Clipper’s portfolio is comprised of 3,539 residential units, 474,193 square feet of commercial space and 102,675 square feet of retail space.
Properties include Flatbush Gardens, a 59-building rent-controlled apartment complex in Brooklyn, as well as two neighboring residential and retail properties at 50 Murray Street and 53 Park Place in Tribeca; two mixed-use buildings at 141 and 150 Livingston Street in Downtown Brooklyn; and the Aspen, a 232-unit rental at 1955 First Avenue that Clipper bought for $103 million in January 2016. Read more at The Real Deal.